USAA Questions & 100% Correct Answers Package | Latest Update | Graded A

Perils : Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard : Condition that create or increases the chance or loss or contributes to the loss Physical Hazard : Visible ( operational features of a risk) Moral Hazard : Intentional dis...

Describe what happened in the case of Paul vs. Virginia. Include proximate dates and court decisions. : This was the first case to regulate insurance. Paul challenged the right of the state to regulate insurance by refusing to obtain a license from the state. When he continued to sell insuran...

Insurance : Transfer of risk from one person or organization to an insurance company Indemnity : The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers : Mathematical principle used by insurers to predict losses to charge the appropriate p...

What type of reinsurance contract involves two companies automatically sharing their risk exposure? : treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a : risk retention group What is the name of the law that requires i...

Law of Large numbers : Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest : Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Risk : Chance of los...

3 basic steps of claims investigation : verifying insurance coverage obtain additional information about the claim verify and compare this information what are the 3 types of claim reports : initial for first field -( 24hrs to 7 days( interim or status report - (15-30 days informed) full form...